In one aspect the present invention provides a device for sensing a torque applied through a shaft. The device comprises a magnetoelastic ring press-fitted on the shaft whose torque is measured and an excitation coil placed in close proximity to the magnetoelastic ring at only a point along the circumference of the ring. The coil is driven by an oscillator for inducing eddy currents inside the material of the ring. A sensing coil is also placed in close proximity to the ring at only a point along the circumference of the ring for sensing the magnetic field generated by the induced eddy currents inside the ring. An electrical circuit senses any change in the ring's electrical conductivity and magnetic permeability.